Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS ??? NET (Tables)

v3.24.1
GOODWILL AND INTANGIBLE ASSETS – NET (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF CHANGES TO THE CARRYING AMOUNT OF GOODWILL

  

    2023     2022  
    Year Ended December 31,  
    2023     2022  
    ($ in thousands)  
Beginning gross balance   $ 61,186     $ 61,186  
Acquisitions     -       -  
Impairment charges     (42,000 )     -  
Ending gross balance   $ 19,186     $ 61,186  
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS

Below is a summary of intangible asset activity for the years ended December 31, 2023 and 2022:

  

    Customer     Capitalized     Other Intangible        
    Relationships     Software     Assets     Total  
  ($ in thousands)  
COST      
Balance, January 1, 2023   $ 47,597     $ 21,547     $ 9,651     $ 78,795  
Additions     -       8,548       2       8,550  
Translation loss     -       (716 )     -       (716 )
Balance, December 31, 2023   $ 47,597     $ 29,379     $ 9,653     $ 86,629  
Useful lives     3-12 years       3 years       3 years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2023   $ 39,523     $ 4,932     $ 4,820     $ 49,275  
Amortization expense     4,849       7,426       126       12,401  
Translation loss     -       (121 )     -       (121 )
Balance, December 31, 2023     44,372       12,237       4,946       61,555  
Net book value   $ 3,225     $ 17,142     $ 4,707     $ 25,074  
                                 
COST                                
Balance, January 1, 2022   $ 47,597     $ 13,196     $ 9,632     $ 70,425  
Additions     -       9,160       19       9,179  
Translation loss     -       (809 )     -       (809 )
Balance, December 31, 2022   $ 47,597     $ 21,547     $ 9,651     $ 78,795  
Useful lives     3-12 years       3 years       3 years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2022   $ 33,851     $ 1,591     $ 4,205     $ 39,647  
Amortization expense     5,672       3,485       615       9,772  
Translation loss     -       (144 )     -       (144 )
Balance, December 31, 2022     39,523       4,932       4,820       49,275  
Net book value   $ 8,074     $ 16,615     $ 4,831     $ 29,520  
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE

As of December 31, 2023, future amortization expense scheduled to be expensed is as follows:

 

Years ending December 31,   ($ in thousands)  
2024   $ 11,634  
2025     8,384  
2026     4,006  
2027     300  
2028     300  
Thereafter     450  
Total   $ 25,074